“A new Korean peninsula, one that will bring peace and prosperity to itself, east Asia and the world, awaits us,” he said in the televised speech.

What has the North Korea reaction been?

In a statement, the North questioned the meaning of dialogue when “even at this moment, South Korea continues its joint military exercise and to speak of a peaceful economy or a peaceful regime. It has no right to do so.”

In an extended attack on President Moon, the statement continued: “We even question if his thought process is sound when he mentions ‘talks’ between North and South while playing out war scenarios that plan to destroy most of our armies in 90 days.

“He truly is a shameless man.”

North Korea has expressed anger over the US-South Korean military drills currently taking place, stating that they violate agreements reached with US President Donald Trump and President Moon.

It has previously described them as a “rehearsal for war”.

In a recent letter to Mr Trump, North Korea’s leader Kim Jong-un is said to have complained “about the ridiculous and expensive” military exercises.

Media captionThe nuclear word Trump and Kim can’t agree on

The deadlock in denuclearisation talks is entirely the fault of South Korea’s decision to hold the drills, the North’s reunification spokesman said.